Vancouver turning into ghost town
 

15% of downtown Vancouver condos sit empty, turning areas into ghost towns: Study

By Mike Raptis, The Province March 22, 2013

Read more: 15% of downtown Vancouver condos sit empty, turning areas into ghost towns: Study

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Barkerville. Deadwood. Downtown Vancouver?

An analysis of Vancouver’s empty condo rate or those occupied by foreign residents, by UBC planning professor Andy Yan, reveals much of the downtown core is starting to look like B.C.’s ghost towns — with apartments languishing empty, businesses closing down and residents not feeling the sense of community they bought into.

Yan’s data suggests that other than in the West End, 14.9 per cent of the condos downtown, or 5,710 units, are unoccupied.

This includes some of the ritziest, eye-catching real estate in the city — particularly in Coal Harbour — where one in four condos are either empty, or not lived in by their owners.

UBC economics and real estate professor Tour Somerville says that number is closer to 65 per cent for the immediate area.

“I don’t find it surprising, particularly when you’re talking about Coal Harbour — including the Expo Land properties — that we’re likely to get buildings there with units that are owned and not occupied,” said Somerville, in his booming baritone.

“Once you get out of the downtown core, that percentage drops to about 25 per cent,” he said Thursday.

Overall, Vancouver’s rate of non-resident occupancy dwellings is the third highest in the country at 7.7 per cent overall, behind Windsor, Ontario (9 per cent) and London, Ontario (8.6 per cent).

Is it foreign investors using Vancouver as a summer spot?

Is it the price of rent in the city?

Yan’s data doesn’t distinguish between the two, and Somerville says until there’s a supply constraint in the city — which there isn’t, with so many unsold units — this shouldn’t be an issue for the city.

Vancouver city councillor Geoff Meggs acknowledges foreign investors have had an impact on the city, but isn’t opposed to the idea.

“I only have a problem with it if investors are leaving units empty,” Meggs said.

But it’s a problem to local small business owners and residents — especially in Coal Harbour — who have bought into the neighbourhood expecting more of a community, and more business.

Rofie Tu, who runs Harbour Front Market, says her father bought the Coal Harbour convenience store in 1999.

Since then, she says, foot traffic has slowed to the point where it’s only tourists and businessmen coming out of conferences that she serves.

“The prices are too high here. Local people can’t afford (to live here). That’s the reason,” Tu said.

“You see around the area, small grocery stores are closing up. A lot of small companies are closing up,” she said.

Resident Margaret Klima has seen the boom-to-bust effect foreign investment has had in cities like Hong Kong and San Francisco, and says she sees similarities here in Vancouver.

“I thought it would become more of a community — which it has — but it’s pretty quiet around here,” said Klima, who owns in False Creek but spends time in Coal Harbour.

“When investors start pulling their money out for investments that are better for them, they’ll take the money out and leave a market that’s not so good behind,” she said.

mraptis@theprovince.com

twitter.com/mike_raptis

© Copyright (c) The Province

kinda reminds me of China

Probably due to property prices in downtown/coal harbor area to be extremely inflated.

It would deter any person making less than 50k/year to live any where close to that area.

Living in a condo with no one above, below or beside you? Must be heaven for some lucky people downtown..

it's a shame that i'd pretty much suck a dick to live in a place like that and that 14.9% of those mofos are empty

The reason 14.9% of those mofos are empty is because other guys don't want to suck a dick in order to live in a place like that.

i'll suck your dick?

this is good news.

Good, by 2015 it will be much worse and hopefully the price will go down for apartments. :considered:

^worse.



sorry.

:whistle:

is it such a big surprise? Not for me.. prices are way to high for someone with a below avg income level... with all these foreigners coming to BC and accept low pay jobs, which drives down the wages even more... when you work 2+ jobs, you get taxed up the arse...

This is good. In 2-3 years when I buy hopefully the market has crashed so goddamn hard I can afford a bigger place on a smaller budget. (Good for me)

Yet this completely licks dogshit, as it doesn't help our economy much having all these properties bought out, yet no one living here and spending money. (Bad for Vancouver)

Just go look at any fancy neighbourhoods in: Shaugnessy, Richmond, Burnaby.. So many fucking houses siting empty even though someone owns it. The only people who are probably happier then a clam are Home Burglary criminals.

Maybe these units are bought already and people are just using it as vacation homes>

It's only because all those units are stock

meanwhile in new west (if you've drive there in the last day or so), is turning into chinatown...

lolz.

GTR is better than those condos!
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I hope the housing market crashes hard.

It's sad when a "crash" is really the correct term for "affordable housing for the middle class". Vancouver is a fucking mess, locals can't afford to enjoy their own goddamn city because of this false inflation.